IRS steps up search for offshore assets

By: Claude Solnik March 30, 2012Comments Off on IRS steps up search for offshore assets

Seeking to recoup taxes on Americans’ offshore investments, the Internal Revenue Service is increasing requirements to disclose foreign assets and extending a limited amnesty for those who comply.
The new rules increase filing costs for individuals and create a “steep learning curve” for companies that have not yet complied, according to local accountants.
The IRS began an ...